NGX closes bullish as market capitalisation rises to N85trn
By Taiye Olayemi
The Nigerian stock market closed the week on a bullish note on Friday as investors gained N793 billion.
Market capitalisation rose by N793 billion, or 0.94 per cent, to close at N85.055 trillion, compared with N84.262 trillion on Thursday.
Similarly, the All-Share Index (ASI) also increased by 1,252.93 points, or 0.94 per cent, to settle at 134,452.93.
The uptrend was due to increased buying interest in stocks like Champion Breweries, Ikeja Hotel, Unilever Nigeria, Enamelware, The Initiates and 43 other stocks.
The market breadth also closed positive with 48 gainers and 22 losers.
Champion Breweries led the advancers’ chart, rising by 10 per cent and closing at N12.32 while Ikeja Hotel also gained by 10 per cent, settling at N23.10 per share.
Unilever Nigeria rose by 10 per cent, ending the session at N68.20 and Enamelware increased by 9.98 per cent, finishing at N27 per share.
Similarly, The Initiates Plc soared by 9.95 per cent, closing at N16.13 per share.
On the flip side, Tripple Gee fell by 10 per cent, finishing at N3.51 while Tantalizer dropped by 8.55 per cent, settling at N2.46 per share.
Sunu Assurances shed by 6.64 per cent, closing at N4.64 and Ecobank Transnational Incorporated lost by 5.88 per cent, ending the session at N32 per share.
Also, Neimeth International Pharmaceutical declined by 4.55 per cent, closing at N6.50 per share.
A total of 713.7 million shares worth N24.2 billion were exchanged across 24,880 transactions.
This is compared to 818.39 million shares worth N22.67 billion that was exchanged across 22.955 transactions earlier.
Transactions in the shares of Access Corporation topped the activity chart with 42.4 million shares worth N1.18 billion.
This is followed by Universal Insurance with 40.7 million shares valued at N29.7 million while Tantalizer traded 32.2 million shares worth N83.1 million.
Guaranty Trust Holding Company transacted 28.7 million shares valued at N2.7 billion and Ellah Lakes sold 26.3 million shares worth N260.5 million.
Commenting on the uptrend, Mr Adonri, Vice President of Highcap Securities, said that the market had continued to surge on a bullish note, though with diminishing intensity.
“This is a result of several stocks appreciating, specifically Okomu Oil and Presco.
“‘With the strength of Okomu Oil’s half-year financial result and their interim dividend proposal, the stock gained more attention.
“‘Stocks from all sectors appreciated today; no sector declined. Also, the market was influenced by the stable MPC report, where nothing was changed.
“All corporate disclosures have been spectacular as well. All these factors pushed the market capitalisation higher.” (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
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